The visit by German Chancellor Angela Merkel to Athens was accompanied by reassuring statements from Germany. She said that Greece had already done a lot to restore its competitiveness. Though more is to be done, she felt confident that the process would end in success.

Meanwhile, the International Monetary Fund, while releasing its Global Financial Stability Report Wednesday, warned that the debt crisis in the euro areas continued to be a major threat to global financial stability.

"Despite many important steps already taken by policy makers, this agenda remains critically incomplete, exposing the euro area to a downward spiral of capital flight, breakup fears and economic decline," the IMF said.

The IMF stressed the need for the European policy makers to take additional measures to reinstate economic and financial confidence. "Further efforts are needed to gain lasting stability. The choice today is between making the necessary but tough policy and political decisions, or delaying them once more in the false hope that time is on our side," Jose Vinals, director of the IMF's monetary and capital markets department, said.